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The oil price shock of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive, what happend in this market. (Diagram as appropriate).
With regards to the changes within the economic structure, how do politics and government regulation factor into the changes we see to economic activity on both a domestic and global scale What actions have either helped or hindered our progress
Because of the free-rider problem: the market demand for a public good is overstated. the market demand for a public good is nonexistent or understated. government has increasingly yielded to the private sector in producing public goods.
Find the quantity at which diminishing marginal returns set in and if the monopolist's goal is to maximize profits, and the monopolist charges all customers the same price, determine the optimal level of output.
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
It has been argued that many of the problems with negative externalities - such as pollution, or the "tragedy of the commons" - could be better solved if there were clearly defined, protected and enforced property rights.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental economic question are they addressing by making this range of products.
The CEO and COO in the United States hope to use your writing and experience to convince other workers of value of what Acme is doing abroad.
A price discriminating monopolist produces two products that exhibit the following price elasticities of demand and does anybody can have a dominant strategy? Explain.
Do consumers of public goods have the same incentives to reveal their true valuations of Public goods as they do of Private goods? Why or why not?
What is the formula for calculating the unemployment rate?
Explain the relationship among household disposable income, consumption, and savings. What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving?
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